- Apple stock recovers on Wednesday and ends in the green.
- AAPL stock started red but flipped to green, closing up 0.63%.
- EU regulators are prepared to charge Apple with uncompetitive practices.
Apple (AAPL) stock began the day negatively and looked set to continue recent losses, but the stock performed an afternoon switch when it moved into positive territory, and this move proved strong with Apple stock closing very close to the high of the session. We would usually take this as a positive sign that will continue likely into Thursday.
-637691916114964111.png)
Apple 15-minute chart
Also notable from yesterday is the close above resistance at $141.67. AAPL stock closed at $142. The stock still has work to do to persuade bulls that it is safe to reenter the stock, but certainly the bearish trend is now in question.
Apple key statistics
| Market Cap | $2.3 trillion |
| Enterprise Value | $2.3 trillion |
| Price/Earnings (P/E) | 28 |
|
Price/Book |
37 |
| Price/Sales | 9 |
| Gross Margin | 41% |
| Net Margin | 25% |
| EBITDA | $112 billion |
| 52 week low | $103.10 |
| 52 week high | $157.26 |
| Average Wall Street rating and price target |
Buy $166.7 |
Apple (AAPL) stock news
The move was even more impressive on Wednesday as it appeared some negative newsflow was coming out in relation to Apple stock. Reuters reported in an exclusive that "EU antitrust regulators are set to charge Apple with anti-competitive practices related to its NFC chip technology, people familiar with the matter said, a move that could force the iPhone maker to open up its mobile payment system to rivals." Apple has already been forced to open up its App store rules on payments following rulings from a US judge last month. That ruling meant Apple has to allow app developers to send users to outside payment systems if wanted. This was the so-called "Fortnite" case. The ruling though did not mean Apple had to allow app developers to use their own payment systems, and Apple is still allowed to collect commission on its own in-house app payments, according to Reuters.
Apple stock forecast
Apple stock has moved to try and get back into neutral territory, and breaking $141.67 on the close has more or less achieved that. Thursday needs to see some confirmation with a break of the 9-day moving average at $142.53. Breaking $147 will put bulls firmly back in control.
FXStreet View: Neutral, bullish above $147, bearish below $141.67.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.